Mahindra Last Mile Mobility gets Rs 300 crore investment from IFC

Mahindra Last Mile Mobility (MLMML), a subsidiary of Mahindra and Mahindra, received Rs 300 crore as the first tranche of its investment from the International Finance Corporation (IFC) on Monday.

An agreement concerning this was signed in March 2023, when IFC agreed to invest Rs 600 crore in the company housing the last mile mobility division of the Mahindra Group, valuing it at up to Rs 6,020 crore. With this transaction, MLMML will no longer be a wholly-owned subsidiary of Mahindra and Mahindra. MLMML began its commercial operations in September 2023, following the conclusion of the asset transfer agreement and business transfer agreements with Mahindra and Mahindra.

"MLMML has since met other regulatory and procedural requirements and has received the first tranche of Rs 300 crore from IFC. This collaboration with IFC showcases the shared values and ambitions both organisations uphold in their dedication to sustainable, inclusive and clean mobility solutions. MLMML aims to expedite the green shift in the automotive sector in alignment with India's climate objectives," the company stated on Monday.

MLMML will prioritise expanding last-mile passenger and cargo transport solutions. Suman Mishra will helm MLMML as its managing director and chief executive officer. Before joining Mahindra in 2015, she collaborated with prominent global companies like McKinsey and Cipla.